manucci

S Corporation vs. LLC for business credits

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Hello:

I am trying to form either an S corporation or LLC; can anyone know which one provides better credit worthiness? I do not want the company credit cards or loans to appear on my personal credit.

 

Michael

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Neither.  Even if your form a C Corp (whuch I prefer) any credit your small company may be granted will almost certainly require a personal guaranteee.  In most cases, this is not a problem, unless you default...then it goes on your personal CRs

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Neither.  Even if your form a C Corp (whuch I prefer) any credit your small company may be granted will almost certainly require a personal guaranteee.  In most cases, this is not a problem, unless you default...then it goes on your personal CRs

 

I just recently acquired 2 S Corp business CL's one for Citi at $11,000 and another for $15,000 through Chase, however as mentioned it required my personal guarentee AND they dinged my score for the inquiries! :(

 

Transunion 2007  FICO 417

Equifax       2007  FICO 510

Experian     2007  FICO  554

 

 

Transunion 2012 FICO 743

Equifax       2012  FICO 778

Experian     2012  FICO  790

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